that is our show. next week we have a live stossel at the democratic convention. [cheers and applause]nd will ree street of hormuz, the sing tensions in iran and the fallout of the market. have a happy friday. a great weekend. jury willises next. >> record high gas prices and paul ryan investment portfolio some say he makes a common mistake. welcome to the "willis report". gerri: hello.

i am gerri willis braff your accepting the nomination mitt romney conducted presidential duties looking at areas devastated by hurricane is it. and his speech last night promote him into the job? might undying to know your reaction. good bad or ugly? >> it was good. he brought warmth which people did not think he was capable of. when he described the time his father would later rose by the mother bedside. it is hard to talk about it. he laid out what he wanted to do. he was not unkind to the president or cruel but said this has failed give me a chance to fix it.

gerri: one comment about obama's and the voters. >> if you felt that excitement when you voted for barack obama should you feel that way now that he is president? [applause] there is something wrong with the job he has done with the best feeling you had was the day you voted for him. [laughter] [cheers and applause] >> it was not a personal attack where his integrity or character but his job performance. you don't feel so giddy. it is a great line. appealing to the emotional reaction tothose who do remember how optimistic they were and now how disappointed they are where

we are. gerri: another comment was about obama's performance with the environment. it was all laugh line but not deliver that way. >> obama promised to begin to slow the rise of the oceans. [laughter] and and he'll the planets. my promise is to help you and your family. gerri: that introduction was funny. >> key is not a stand-up comic do not stand on your laugh line. raise your voice that you are clear you are sarcastic some the people were not sure if he was serious.

he had a facial expansion but you don't see that if you are in the auditorium. -- shot a tory of. you cannot trust your facial expressions work in a crowd bigger than 50 people. gerri: peggy noonan said yours was one of the most successful. she is a great speech writer >> when i read her comments i was floored and thrilled. like bill little league kid being told by babe ruth you did good. if she says it is good i go home with that. gerri: what does it take? would you put to mitt romney speech as one of the best? paul ryan, chris christie

was a great. >> war rubio was fantastic. ann romney was wonderful. the line of the week. she gave eliminate four husband and said i make this commitment to you. my husband will not fail. that is a powerful statement. that stuck with me. i jolted and thinking that is a great line. gerri: what does it take to write that speech? >> it has to be your thoughts and words and spirit for our was so proud mitt romney people gave me more license more than any other speech they could not

have been more gracious. anything you are uncomfortable with. >> that was generous. now clint eastwood at perrin may i am the only living american who loved what he said. >> the only unscripted moment, spontaneous, he can get away with it. he is not a senator or congressmen cory governor. he has the gravitas to say that and i thought it was delightful added to spark to a choreographed convention. the democrats hated it but next week with their hollywood stars we will complain. gerri: when he said we are the boss. they are the employee.

>> it was powerful. gerri: good to see you. tune into huckabee every weekend on fox news. what do you think? is the criticism of clint eastwood's speech could batter ugly? i will share the results at the end of the show. millman said g.o.p. hope voters will remember. the top five from the rnc. number five, critics called her speech sensational. >> we need to give parents greater choice. particularly poor parents whose kids, very often minorities, are trapped in

family neighborhood's schools. this is the civil-rights issue of our day. gerri: number four. he came out swinging and attacked the opponent. >> college graduates should not live out their twenties in their childhood bedrooms staring at obama posters wanting to get out with life gerri: the next one i that was brilliant fo coke and eastwood talking to president obama. >> what do want me to tell mitt romney? i cannot tell him to do that. [laughter] you are absolutely crazy.

that is as ba'ath as a biden. gerri: number two. governor crist christie kicking off with the keynote speech. inspiring. >> we could be the men and women the country calls on us to be. the only thing missing is leadership. you don't get that from reading a poll. real leaders don't read polls. they change polls. gerri: it gives me goose bumps. the number one comment as we saw the softer side of mitt romney. >> everyday dad gave montero's which he put to on her bedside table that is how she found out my father died.

that morning there was no rose. gerri: olives will kiev positive messages and hope for the future. the democrats have a lot to live up to. what are your favorite moments? gerri@foxbusiness.com. >> causing more pain at the pump. the biggest jump this summer next. burnett the signals more action from the fed. is more easing on the horizon? peter barnes breaks down the latest. to bring down the most notorious terrorist of all time. why is the pentagon going after him? after him? we are on the the capital one cash rewards card

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gerri: happy labor day. gas prices by the highest ever going into a labor day weekend. increasing 820% per gallon in august. the reasons? hurricane isaac shutdown 94% of oil production plus refinery shutdowns and pipeline disruptions. take a look. seven states have average is above $4. now $4.32. california not far behind.

illinois not doing well. and compared to connecticut. on july 1st only hawaii had a price above $4. lois states south carolina, alabama, mississip pi, new mexico, arizona mexico, rizona, wyoming and colorado. pain at the pump is felt by 33 million americans driving 50 miles or more. up from last year. expectation prices should drop as demand drops. the station was the lowest gas price? circle k gas in el paso taxes -- texas.

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gerri: am i bereday is here. now is the time to plan your fault trip for the best deals. orbitz senior editor joins us now. janine, high gas prices but people will still drive? >> i did agree. aaa's says 3 million will hit the skies which is up one from 2011. it will be busy. gerri: what about this fall? are people planning already? >> with a great thing about fall it is a slower travel season. mid september through november as a great time to travel with many destinations with a mountain

towns and the east coast beach towns. gerri: i love to travel in the fall. the weather is great. book early? >> not every destination has the off-season. if people want to see the fall colors in the northeast they would not be busy but that is their prime season. those hotels and bed-and-breakfast will book up. but if you think of the mountain towns, beach towns towns, cruz, south florida, you could probably wait to to get of good last minute deal. gerri: shoulder season

deals? >> beach towns, caribbean, and some of our hurricane prone. [laughter] if you are willing to take a rest, the deal is worth it to. gerri: weekends in the financial district? >> places like a york york, chicago and big business travel districts are faltering the week however on the weekend the business travelers clear out into those hotels will offer great prices. gerri: i'd love that. thank you for coming. relief in sight for louisiana up. governor jindal says they expect have 70% out of one

parish at that flooded after hurricane is it. with a 100 people had to be rescued after landfall tuesday night. the intentional breach is the reason most of the vote water will be gone in the pressure to relieve pressure on the dam is working. he also july and mitt romney of looking at the damage. but the tropical depression is now bringing rain and flooding into misery into the ohio river valley. this may be too much of a good thing. paul ryan taking heat for his investment strategy. and did ben bernanke doing enough to make them happy

and healthy economy? and healthy economy? we a

hey, steve, where you going? taking the kids to swim lessons. swim lessons? yeah, it's the safer thing to do. safer thing. come on, let's go. rb water alarm. nice. isn't it? i just have to put it in the pool, and an alarm will tell me if my kids jump in. it's just a backup to the mesh fence i'm installing. yeah, looks great, jim. juns doing the safer thing, steve. it doesn't get safer than tt, jim. [ cell phone rings ] steve? wait tilyou see...

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gerri: a terrific day four-star coerce the dow closes up 90 points after ben bernanke remarks and said the central bank is ready to take action. but to will it? and peter barnes and breaks it down. >> the chairman made it clear speaking for himself

himself, is very concerned about the job market and stubbornly high unemployment rate. "of the reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement and labor market conditions with price the ball at -- stability. it is far from satisfactory and improvement has been painfully slow and stagnation is a grave concern." he gave policy options the fed could consider september september 12th and then a critical data point* four bernanke and his colleagues at the fomc. >> it looks like it might

start raining. >> is all digital. [laughter] we are in a warehouse in new jersey. [laughter] for more on in the next up with senior economics writer for "the wall street journal", he does not sound happy with the economy. >> wall street loves easy money. if you want more we may deliver it. put it in the perspective of the election there is not much he could do to influence the job rate so the fact he will delay any

decision the fed is a nonentity. he said we are two percentage points above where he wants us to be. and tell if this lower the fed will put to the pedal to the metal with more money creation. gerri: of that number comes in bad want today take action? >> possibly. said even early september i am not sure. it takes a couple months to

penetrate. i don't think the fed will be obeyed impact. nixon wanted guarani george bush sr. thinks he lost because the fed is to slow. gerri: i don't see people reacting. low-level sand they don't know anything. right? >> completely. [laughter] if we do get allows the unemployment number, the fed will say we will pump more money into the economy to think they will spend money than?

that does not work the idea with high unemployment rate people can spend it. they are not. people get the money and they buy a bomb with it to. gerri: talk about post in bernanke world. sunday he will not run the fed. who would mitt romney choose? >> great question. this is self-serving but i'd love to see art laffer the architect of the reagan revolution and knows monetary policy. a long shot but fantastic. another option of close economic adviser to mitt

romney. if obama wins i think he would reappoint then bernanke it. gerri: what about craig? >> the best-selling textbook in economics and bought a porsche. [laughter] he and stood the economics. [laughter] also the economist from stanford has been on the short list for a long time. how do i get on that short list? [laughter] gerri: harvard or stanford? what about this fall it is critical. september and october. the administration doesn't think they would get

anything great but we have seen datapoint. gdp kagan higher. retailers posting good earnings. can we get the turnaround to change the dynamic? >> housing looks like it is picking up. in my area, the real-estate agent says business is starting to pick up if you have that effect there will be retail sales read in the numbers are up 5.5%. the people get nervous the economy could grumble about

27 it is all government spending. [laughter] >> i live in the bubble economy. >> the number looks better. >> thank you for coming. we appreciate your time. >> why the pentagon goes after the man who killed loathsome a bin laden and south carolina has a tough act to follow.

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and yeah, i've had people laugh at me, but i don't care. i just love collecting air. people can make fun of me all they want, but i choose to see the glass half-full.

of air. think it's weird to collect air? you wouldn't think so if you saw what your lungs collect every time you breathe. protect your health with the free "state of the air" app from the american lung association. gerri: now democrats' turn to rally the troops in charlotte north carolina. the challenge is to recapture the enthusiasm from 2008. we have brit hume. welcome back. good to have you. what do we expect? >> certainly the democrats assize the argument republicans have not countered, they will take everybody back to the policies getting is back in

the economic problems. there are two sets cahal of economic ideas. one is more government spending, more activist and that is the liberal view but the conservative is lower tax rates, curbed government spending and deliberate the economy of tight regulation. there is some truth to the argument he would take us back to those policies but it sounds bad. i'm sure we will hear a lot. gerri: is there a political advantage republicans going first. >> doing second is the

advantage. last time we saw a wonderful example. brock obama's convention, the speech outdoors by the builders and you would say he was the new world damper. then sarah palin as a running mate coming days after stomped on the obama about six and mccain and pale then came out ahead and intel mid september when the crisis hit hard then they we're done. gerri: you say democrats make the point* we just go back but doesn't the president have to explain gdp, housing market and

unemployment? >> he cannot argue that we are better off but he will say we're better off than we would have been if we stuck to the policies and it is a deeper recession. you cannot pretend things about a much better. gerri: what stood out? >> it is so central to the whole thing we will remember paul ryan answer in may ann romney. that was the most effective speech from a political wife

gerri: she was very effective to make him seem crewmen. to say he will not fail you i thought it hits home. >> it is fined always easy. juan williams said she is a corporate life. but she was. she did not look like she was lower class but the aristocrat. she is. she looked rather glamorous. but the story she told connected with women all over the country. and that was powerful. gerri: can michelle obama's speak as well? >> i don't know.

she is an impressive woman. her remarks will be well received. she is not a newcomer. it is not the first time people have heard from her as they did ann romney. gerri: thank you for helping us out. the first hand account of the mission killing osama bin laden under fire from the pentagon. it reported the contradicts the official story told from that peppermint saying bin laden was shot whether or not he was armed. lis wiehl breaks it down. it is a huge debate. the pentagon says it cannot do this.

>> he has the first amendment right but he was a member of the government, the seals and you sign off on the confidential waiver that he will not uncover classified affirmation. the pentagon will say you uncover classified information. another exception is he said day he wed run it by the pentagon and he did not. gerri: reuters cannot with a new story now the pentagon is not sure they can prove their case. and the attorney says it is not clear what he had to do. >> if he signed an

nondisclosure doesn't survive? you cannot disclose anything during but after? that will be a big deal. did he ever say nothing or even sell did he say he could give it to the pentagon first? gerri: it is not the legal argument that he had the moral obligation to tell the ruth. >> the worst that we'll have been. he will not be prosecuted. i cannot imagine. others say this did not happen. if it is truthful the worst he would have to give back the profits from the buck.

and he will be fine. gerri: great to see you. have a great weekend. more bad news for facebook. should you invest like paul ryan? looking inside the portfolio. next. ♪0,=>hoúócr3>

ninety-seven facebook.

the stock sinks to another new low as us shareholders stump a social media giant closing off the record low. losing more than half of its value at the debut of $30. and many predict this is not the bottom. mark zuckerberg has ben selling $150,000 per day coming off more than 1.5 billion facebook shares which is not good news. my next guest says the republican vice-presidential nominee has a portfolio typical of most but is it smart?

joining us now by telephone we hope this will work. >> i am here. gerri: what surprised you about the ball right and portfolio? >> i was not surprised. sitting down with clients it is typical of portfolios from where they were revised previously. gerri: and has all lot of beach will funds and many overlap with similar holdings. with your own customers what do you need to do? >> this is a problem. he has so many holdings he does not know his allocation stocks, bonds, cash,

commodi ties. so look into the portfolio. surveying retail investors from the sec that they have very little understanding of their mutual funds. gerri: i have heard that. it is depressing. gerri: does not their fault. this red-hot they buy it. that is why apple shares are in every poor polio it is a big stock. >> but this goes back to the issue of two many mutual funds. they think they are diversified. but today all markets are

correlated. everythineverythin g moves up and down. we will have another one eventually thereere more because of the extreme exposure they don't realize they have a. gerri: comeback when we can see your face. [laughter] gerri: we will be right back. -[ taste buds ] donuts, donuts! -who are these guys? -oh, that's just my buds. -bacon. -my taste buds. -[ taste buds ] donuts. how about we try this new kind of fiber one cereal? you think you're going to slip some fiber by us? okay. ♪ fiber one is gonna make you smile. ♪ [ male announcer ] introducing new fiber one nutty clusters and almonds. ♪ i can do anything ♪ i can do anything today ♪ i cano anywhere

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>> thank you for the great

reporting. michael, thank you for that. we love hearing from you. send an e-mail to gerri@foxbussiness.com. my "two cents more". the scandal at one of the nation's nations top university. school officials there are investigating 125 undergrads cheating by working together on a take-home exam the spring. that is right. students were using the same long identical streams of words on the essays. despite instructions not to collaborate. why did you issue a take-home exam? if you want them not to cheat, test them inside the classroom. that would be a better idea. mom and dad, you don't want kids cheating on their exams when you're paying that kind of money. the university is on the case. they will do to teach more about